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Data as of Nov 4, 2026.

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Buffer ETFs

MART vs PBMR: Cap, Buffer & Days Left

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As of Nov 4, 2026 MART can fall 9.4% before its buffer engages and PBMR 6.9%.

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Net assets: $29m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Mar, and $38m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - March .

MART on its own →PBMR on its own →
At a glance
9.4%
MART can fall this far before its buffer
6.9%
PBMR can fall this far before its buffer
5.2%
MART can still gain
3.3%
PBMR can still gain
MART Between buffer and cap
Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.8% gain captured−10.0% floor0% period start+15.9% cap+4.1% more to the capTODAY · SPY +11.8%Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.10 pts+11.8%−10.0% floor0% start+15.9% cap+4.1% more to the capTODAY · SPY +11.8%

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.
PBMR At its cap
At its capPBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.9% gain captured−20.0% floor0% period start+10.9% capTODAY · SPY +11.8%At its capPBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.9%−20.0% floor0% start+10.9% capTODAY · SPY +11.8%

PBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.

PBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PBMR costs 0.24 points a year less; their one-year returns differ by 4.1 points; PBMR is 1.3 times larger.

Points (pts) are percentage points.

MART vs PBMR: Cap, Buffer & Days Left
MeasureMARTPBMR
Return
Total return, 1 year+14.3%+10.2%
Drawdown
Index fall to the buffer10.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.50%
Net assets, as of Nov 3, 2026$29m$38m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PBMR scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7MART68.3PBMR

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: MART vs PBMR: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowMARTPBMRMARTPBMR
3 months+1.4%+1.5%+1.8 pts+1.9 pts
6 months+4.9%+4.0%+0.5 pts−0.5 pts
1 year+14.3%+10.2%+0.8 pts−3.3 pts
3 years+59.1%–−17.3 pts–
Since launchNot the same days: MART Mar 2023 · PBMR Mar 2024+73.9%+31.3%−20.4 pts−18.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

MART AllianzIM U.S. Equity Buffer10 ETF - Mar · Absorbs the first 10% of loss on SPY and caps the gain at 15.9%, over a period ending Feb 28, 2027 PBMR PGIM S&P 500 Buffer 20 ETF - March · Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027
Issuer AllianzIM PGIM
Reference index SPY SPY
Buffer 10% 20%
Outcome period Mar 1, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027
Days left 116 116
Starting cap +15.9% +10.9%
Can still gain 5.2% 3.3%
Fall before buffer 9.4% 6.9%
Protection left, index points 10.0% of 10.0% 20.0% of 20.0%
Index return this period +11.8% +11.8%
Fund return this period +9.4% +6.9%
State today Open At cap
Expense ratio 0.74% 0.50%
Net assets, MART as of Nov 3, 2026 and PBMR as of Nov 4, 2026 $29m $38m

As of Nov 4, 2026. Source: ETFIQ.

PBMR is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

MART resets first, on Feb 28, 2027, 116 days from now; PBMR runs to Feb 28, 2027, 116 days. MART can still gain 5.2% before its cap, PBMR 3.3%. A fall from here reaches MART’s buffer after 9.4% and PBMR’s after 6.9%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
MART

From its price on Nov 4, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

PBMR

SPY had already risen past this fund's cap of +10.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.3% as the period runs out. The fund's price can fall 6.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MART or PBMR?
From their prices on Nov 4, 2026, MART can gain about 5.2% before its cap and PBMR about 3.3%, so MART has more room left this period.
Which resets first, MART or PBMR?
MART ends its outcome period on Feb 28, 2027 and PBMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, MART or PBMR?
MART charges 0.74% a year and PBMR charges 0.50%, so PBMR is cheaper. Fees come from each fund's prospectus.
Other comparisons
MART vs MRCPMART vs XFEBMART vs MARWMART vs ZMARPBMR vs PMMRPBMR vs CPSRPBMR vs DDFMPBMR vs XFEB
Where to next
SPDR® S&P 500® ETF Trust →MART on its own →PBMR on its own →Method →Standards and sources →
Sources and dates
MART filings on SEC EDGAR ↗
AllianzIM page for MART ↗
PBMR filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, MART against PBMR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/mart-vs-pbmr

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.